Futures Close 20/05/22

International Grains Council on Thursday cut its 2022/23 forecast for world corn (maize) production by 13 million tonnes to 1.184 billion, tonnes – due to lower production estimates in the USA –  pace of planting currently slow due to excessive rains in corn regions.  For wheat 2022/23 global production forecast was reduced by 11 million tonnes to 769 million.

Argentina indicating that they may review their current corn export cap for 21/22 harvest currently 30mt and potentially increase it by 5mt subject to final harvest figures.